An 88-year-old man has allegedly lost more than $600,000 of his life savings to two younger men he trusted, in a case NSW Police have branded “an appalling betrayal”.
The pair, aged 22 and 25, were arrested on Wednesday when police raided a unit at Yagoona in Sydney’s south-west. Investigators had spent more than six months building the case before making their move.
Police allege the money was siphoned from the elderly man’s bank account and moved into the hands of the two men and others, with some of it allegedly used to buy shares, the outlet reports.
Both men have been charged with dishonestly obtaining financial advantage by deception and knowingly dealing with proceeds of crime.. The 25-year-old faces an additional charge of failing to comply with a digital evidence access order direction.
They are due to face Liverpool Local Court. NSW Police Financial Crimes Squad Commander Gordon Arbinja said detectives had traced the money trail from the man’s account step by step to build the alleged case.
“This is an elderly man who relied on others for support, and instead he was allegedly exploited for financial gain,” Arbinja said. “It’s an appalling betrayal of a vulnerable member of our community.”
For families across Australia, the case lands as a quiet warning. Many older Australians depend on younger relatives, carers or acquaintances for help with banking, bills and everyday support, and that trust is precisely what makes financial abuse so hard to spot until the damage is done.
Arbinja urged anyone who suspects a relative or loved one is being pressured or manipulated into handing over money or account access to come forward. “We would much rather check on something early than see another person lose their life savings,” he said.
Image: NSW Police Force
